Eurozone
Bini Smaghi attacks watered-down EU fiscal sanctions
European Central Bank executive board member Lorenzo Bini Smaghi criticises EU proposals to have option to apply veto on excessive deficit sanctions
Roubini: Eurozone restructurings will leave bondholders facing losses
Government debt levels in peripheral Europe mean restructurings cannot be avoided, says economist Nouriel Roubini.
I’m sticking to my guns: Buba’s Weber
Bundesbank president Axel Weber says future career prospects will not change his outspoken nature
EPC chairman 'shocked' at Brussels' 'competing' Sepa schemes
European Payments Council chair slams European Commission's willingness to allow operation of multiple, national Sepa schemes; says plan would thwart aims of Sepa
ECB announces baseline T2S price of €0.15
Settlement platform’s Programme Board proposes to fix fee for settlement until 2018; price not dependent on UK volumes, says ECB
Trichet opposes EU agreement on fiscal sanctions
European Central Bank president Jean-Claude Trichet refuses to give his backing to sanctions for countries that break rules of stability and growth pact; sees sanctions as too soft
Buba’s Weber rebuffs criticism of German surplus
Bundesbank president Axel Weber dismisses argument that eurozone’s surplus countries should boost demand to aid deficit-laden neighbours; condemns “misleading” comparison to China
Hungary sets four hour limit for retail payments
National Bank of Hungary issues decree requiring banks to settle electronic payments within four hours; move may cost banks up to $40m, admits deputy
IIF defends doom-and-gloom Basel III forecasts
Institute for International Finance backs up its predictions of Basel III output loss, which are deeper than regulators’
Recovery has lost steam and risks remain high, IMF warns
IMF's latest financial stability report strikes a cautionary note about the stalled economic recovery
Mersch calls for clear government fiscal strategy
Central Bank of Luxembourg president Yves Mersch says sending clear message to restore fiscal sustainability is key to economic recovery
Basel II grievances stir transatlantic tensions on new accord
BNP Paribas chairman Michel Pébereau slams United States’ failure to implement Basel II across the board; says Basel III will unfairly impair Europe
RBA’s Stevens: monetary policy not necessarily a ‘blunt instrument’
Reserve Bank of Australia governor Glenn Stevens says monetary policy suited to guarding macroeconomic stability
Strauss-Kahn calls for European fiscal federation
IMF managing director Dominique Strauss-Kahn proposes creation of European fiscal authority similar to ECB to oversee fiscal policy
CEPR: PIGS neglected current account deficits
Centre for Economic Policy Research study shows adoption of euro caused countries to relax current account discipline
OECD warns on global slowdown
G7 growth set to slow to 1.5% in the second half of the year; chief economist advocates more QE if slowdown does become entrenched
Banks upped exposure to troubled eurozone states in first quarter: BIS
Bank for International Settlements says first quarter figures show exposure to Portugal, Greece and Spain grew, in spite of default worries
High public debt will choke long-term growth: ECB
European Central Bank paper finds debt to GDP ratio of 70% enough to drag growth down
Eurozone lending gathers steam: ECB
European Central Bank figures show growth of bank lending in single currency area increased in July; data follow signs of pickup in loan demand
Payments providers split over Sepa end dates
Comments released by the European Commission show that European institutions and banking associations disagree over Sepa proposals to seperate end dates
ECB closes in on inferior collateral with new haircut scheme
European Central Bank’s new discount schedule increases haircuts levied on troublesome collateral, such as asset-backed securities; analysts expect move to discourage pledging of risky assets
Eurozone banks tighten standards as loan demand grows
European Central Bank’s second quarter lending survey shows banks toughening standards for borrowers, reflecting unease from sovereign debt crisis spillover; demand, meanwhile, increases
ECB will always end up bailing out sovereigns: Buiter
Former Bank of England rate-setter Willem Buiter says ECB will lose in “game of chicken” with finance ministries over who rescues sovereigns
Central Bank of Ireland – Payment and Securities Settlements System Infrastructure Report (July 2010)
Irish central bank’s report on payments and settlements shows country is behind Europe in transition to electronic payments systems